Reverse Mortgage Solutions, Inc. v. Martinez-Acevedo et al

Filing 32

DEFAULT JUDGMENT is hereby entered against All Defendants. Signed by Judge Gustavo A. Gelpi on 2/26/2020. (AGF)

UNITED STATES DISTRICT COURT
DISTRICT OF PUERTO RICO
REVERSE MORTGAGE SOLUTIONS,
INC.
Plaintiff
vs.
RENE MARTINEZ ACEVEDO; ELSIE
IRIZARRY MARTORELLI A/K/A ELSIE
IRIZARRY MARTORELL A/K/A ELSIE
IRIZARRY MARTOREL; CONJUGAL
PARTNERSHIP MARTINEZ-IRIZARRY;
UNITED STATES OF AMERICA
Defendants

CIVIL ACTION NO.: 17-02062

RE: MORTGAGE FORECLOSURE

JUDGMENT BY DEFAULT
It appears from the records on file in this proceeding that the summons and the complaint
of the instant case were served upon RENE MARTINEZ ACEVEDO; ELSIE IRIZARRY
MARTORELLI A/K/A ELSIE IRIZARRY MARTORELL A/K/A ELSIE IRIZARRY
MARTOREL;

CONJUGAL

PARTNERSHIP

MARTINEZ-IRIZARRY;

UNITED

STATES OF AMERICA; pursuant to, and in compliance with the applicable Federal Rules of
Civil Procedure. The defendant failed to answer or otherwise please in this case therefore default
was entered against the defendant pursuant to F.R.Civ.P. 55 (a).
Upon plaintiff's motion for judgment, having submitted all of the evidence necessary to
prove the allegations of the complaint and from the information included in the records on file in
this proceeding the Court being fully advised in the premises hereby enters judgment by Default
pursuant to F.R.Civ.P. 55 and ORDERS, ADJUGES and DECREES:

On April 9, 2010, for value received, RENE MARTINEZ ACEVEDO and ELSIE
IRIZARRY MARTORELLI executed and delivered a Note and a Mortgage securing payment of
said note to the payee named thereon, in the amount of $343,500.00, repayable with an interest
rate of 5.685% per annum.
Said Mortgage was duly Recorded on May 20, 2013, in the Registry of Property of Puerto
Rico, Section of MAYAGUEZ at page 7 of volume 1531, property number 35,589, and
encumbered the property described as follows, (hereafter the “Property”):
RUSTICA: SOLAR RADICADO EN EL BARRIO
SÁBALOS DEL TÉRMINO MUNICIPAL DE
MAYAGÜEZ, PUERTO RICO, CON UNA CABIDA
SUPERFICIAL DE 537.0016 METROS CUADRADOS.
EN LINDES POR EL NORTE, CON JUANA ORTIZ
CASTILLO, OLIVER VALLE ORTIZ Y PARCELA
SEGREGADO; POR EL SUR, CON CALLE
MUNICIPAL; POR EL ESTE, CON JOAQUÍN
IRIZARRY Y PARCELA SEGREGADA; Y POR EL
OESTE, CON VICENTE CRUZ PADILLA Y JUANA
ORTIZ CASTILLO.
PROPERTY NUMBER 35,589 RECORDED AT PAGE
234 OF VOLUME 1,155 OF MAYAGUEZ, REGISTRY
OF THE PROPERTY OF PUERTO RICO.
REVERSE MORTGAGE SOLUTIONS, INC. is holder in possession of the note having
acquired it for value received in the ordinary course of business.
It was expressly stipulated in the note and the mortgage deed that if any one or more of
the terms and conditions of the Mortgage were not fulfilled, the whole outstanding balance of the
debt would be declared to be immediately due and payable.

The Defendant has failed to perform an obligation under the terms of the mortgage by
being deceased as required therein.
REVERSE MORTGAGE SOLUTIONS, INC., has tried to collect the indebtedness
evidenced by the mortgage note without avail thus the entire principal sum and accrued interests
and expenses have become due and payable pursuant to the acceleration clause of the note and
the mortgage deed.
After declaring all the indebtedness of the defendants due and payable, the defendant
owes REVERSE MORTGAGE SOLUTIONS, INC., and is hereby ORDERED to pay the
plaintiff the following amounts:
Principal Advances
Capitalized Interest
Total Unpaid Principal Balance
Accrued MIP
Servicing Fees
Intra Month Per Diem
Property Taxes
Hazard Insurance
Total

$132,043.53
$83,259.96
$215,303.49
$11,902.78
$3,060.00
$1,186.83
$3,668.50
$1,589.22
$236,710.82

In addition to the sums stated above, the Defendants owe $34,350.00 in contractually
agreed-upon attorney’s fees and costs, for a total amount of $271,060.82.
If the defendant does not pay the amount of money herein ordered to pay or any part
thereof within ten (10) days from the date of entry of judgment, the property, pursuant to
plaintiff’s request and with the purpose of collecting the moneys due pursuant to the note, the
mortgage deed and this judgment shall be sold by the Special-------------------------------------------

Master Appointed by this Court at a public auction or judicial sale to the highest bidder thereof.
The Special Master Appointed by this Court shall conduct the sale of the property herein above
mentioned in accordance with 28 U.S.C. Section 2001 and Section 2002.
The amount of $343,500.00 shall serve as the minimum bidding amount for the first
public sale. Should the first public sale fail to produce an award or adjudication, two-thirds of the
aforementioned amount, $229,000.00, shall serve as the minimum bidding amount for the second
public sale. Should there be no award or adjudication at the second public sale, the minimum
bidding amount for the third public sale shall be one half of the aforementioned amount,
$171,750.00.
The Special Master Appointed by this Court shall issue the corresponding notice of sale to
be published in a newspaper of general circulation. ------------------------------------------------------Plaintiff in these proceeding may apply to this Court for such further orders as it may
deem advisable to its interest in accordance with the terms of this judgment and the Clerk shall
proceed to issue all writs necessary to enforce and execute the same.
In San Juan Puerto Rico this 26th day of February, 2020.
s/ Gustavo A. Gelpí
GUSTAVO A. GELPI
United States District Judge